The confluence of the start of a new quarter and pre-holiday trading helped to create a positive day for stocks Thursday. Volume was lighter and the action a little slow but breadth was solid with five winners for every three losers and around 470 new 12-month highs.
There was a little bit of rotational action under the surface as the Nasdaq 100 ( (QQQ) ETF) and FATMAAN names lagged slightly, but small-caps managed nearly a 1% gain, and oil stocks added some extra pep. Another group that showed some life today was cannabis, and I'm looking for continued interest there as the potential for a Senate bill is gaining some traction.
This is typical pre-holiday trading with some speculative interest but generally slow action. It should continue Friday and will slow even more as the day progresses. Just because the volume is lighter, it doesn't make the gains any less real.
Next week we will see more significant action, but the thinner trading does offer some opportunities for those that are interested in some quick trades in a positive environment.
Have a good evening. I'll see you Friday.